Common use of Application for and Amount of Hardship Distribution Clause in Contracts

Application for and Amount of Hardship Distribution. If an Unforeseeable Emergency occurs, the Director may petition the Board to receive a distribution from the Agreement (a “Hardship Distribution”). The Board in its sole discretion may grant such petition. If granted, the Director shall receive, within sixty (60) days, a Hardship Distribution from the Agreement only to the extent deemed reasonably necessary by the Board to remedy the Unforeseeable Emergency, plus an amount necessary to pay taxes or penalties reasonably anticipated to result from the distribution after taking into account the extent to which such Unforeseeable Emergency is or may be relieved through reimbursement or compensation from insurance or otherwise or by liquidation of the Director’s assets (to the extent the liquidation would not itself cause severe financial hardship). In any event, the maximum amount which may be paid out pursuant to this Section 8.11 is the amount the Company has accrued with respect to the Company’s obligations hereunder, as of the day that the Director petitioned the Board to receive a Hardship Distribution under this Section 8.11.

Application for and Amount of Hardship Distribution. If an Unforeseeable Emergency occurs, the Director may petition the Board to receive a distribution from the Agreement (a “Hardship Distribution”). The Board in its sole discretion may grant such petition. If granted, the Director shall receive, within sixty (60) days, a Hardship Distribution from the Agreement (i) only to the extent deemed reasonably necessary by the Board to remedy the Unforeseeable Emergency, plus an amount necessary to pay taxes or penalties reasonably anticipated to as a result from of the distribution distribution; and (ii) after taking into account the extent to which such Unforeseeable Emergency is or may be relieved through reimbursement or compensation from by insurance or otherwise or by liquidation of the Director’s assets (to the extent the liquidation would not itself cause severe financial hardship). In any event, the maximum amount which may be paid out pursuant to this Section 8.11 2.4 is the amount the Company has accrued with respect to the Company’s obligations hereunder, hereunder as of the day that the Director petitioned the Board to receive a Hardship Distribution under this Section 8.11Section.

Application for and Amount of Hardship Distribution. If an Unforeseeable Emergency occurs, the Director Executive may petition the Board to receive a distribution from the Agreement (a “Hardship Distribution”). The Board in its sole discretion may grant such petition. If granted, the Director Executive shall receive, within sixty (60) days, a Hardship Distribution from the Agreement only to the extent deemed reasonably necessary by the Board to remedy the Unforeseeable Emergency, plus an amount necessary to pay taxes or penalties reasonably anticipated to result from the distribution after taking into account the extent to which such Unforeseeable Emergency is or may be relieved through reimbursement or compensation from insurance or otherwise or by liquidation of the DirectorExecutive’s assets (to the extent the liquidation would not itself cause severe financial hardship). In any event, the maximum amount which may be paid out pursuant to this Section 8.11 is the amount the Company has accrued with respect to the Company’s obligations hereunder, as of the day that the Director Executive petitioned the Board to receive a Hardship Distribution under this Section 8.11.

Application for and Amount of Hardship Distribution. If an Unforeseeable Emergency occurs, the Director may petition the Board Executive would then be entitled to receive a distribution from under the Agreement (a “Hardship Distribution”)Agreement, but not before January 1, 2008. The Company's Board in its sole discretion may grant of Directors ("the Board") shall make such petitiondistribution upon application by the Executive. If grantedapplied for by Executive, the Director Executive shall receive, within sixty (60) days, a Hardship Distribution from the Agreement (i) only to the extent deemed reasonably necessary by the Board to remedy the Unforeseeable Emergency, plus an amount necessary to pay taxes or penalties reasonably anticipated to as a result from of the distribution distribution; and (ii) after taking into account the extent to which such Unforeseeable Emergency is or may be relieved through reimbursement or compensation from by insurance or otherwise or by liquidation of the Director’s Executive's assets (to the extent the liquidation would not itself cause severe financial hardship). In any event, the maximum amount which may be paid out pursuant to this Section 8.11 2.8 is the amount the Company has accrued with respect to the Company’s 's obligations hereunder, hereunder as of the day that the Director Executive petitioned the Board to receive a Hardship Distribution under this Section 8.11Section.